0001437749-23-005355 | 10-K | XBRL Viewer | Orchid Island Capital INC

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business Description

Orchid Island Capital, Inc. (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”). From incorporation to the completion of Orchid's initial public offering of its common stock on February 20, 2013 Orchid was a wholly owned subsidiary of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini.

On January 23, 2020, Orchid entered into an equity distribution agreement (the “January 2020 Equity Distribution Agreement”) with three sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $200,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 634,145 shares under the January 2020 Equity Distribution Agreement for aggregate gross proceeds of $19.8 million, and net proceeds of approximately $19.4 million, after commissions and fees, prior to its termination in August 2020.

On August 4, 2020, Orchid entered into an equity distribution agreement (the “August 2020 Equity Distribution Agreement”) with four sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $150,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 5,498,730 shares under the August 2020 Equity Distribution Agreement for aggregate gross proceeds of approximately $150.0 million, and net proceeds of approximately $147.4 million, after commissions and fees, prior to its termination in June 2021.

On January 20, 2021, Orchid entered into an underwriting agreement (the “January 2021 Underwriting Agreement”) with J.P. Morgan Securities LLC (“J.P. Morgan”), relating to the offer and sale of 1,520,000 shares of the Company’s common stock. J.P. Morgan purchased the shares of the Company’s common stock from the Company pursuant to the January 2021 Underwriting Agreement at $26.00 per share. In addition, the Company granted J.P. Morgan a 30-day option to purchase up to an additional 228,000 shares of the Company’s common stock on the same terms and conditions, which J.P. Morgan exercised in full on January 21, 2021. The closing of the offering of 1,748,000 shares of the Company’s common stock occurred on January 25, 2021, with proceeds to the Company of approximately $45.2 million, after deduction of underwriting discounts and commissions and other estimated offering expenses.

On March 2, 2021, Orchid entered into an underwriting agreement (the “March 2021 Underwriting Agreement”) with J.P. Morgan, relating to the offer and sale of 1,600,000 shares of the Company’s common stock. J.P. Morgan purchased the shares of the Company’s common stock from the Company pursuant to the March 2021 Underwriting Agreement at $27.25 per share. In addition, the Company granted J.P. Morgan a 30-day option to purchase up to an additional 240,000 shares of the Company’s common stock on the same terms and conditions, which J.P. Morgan exercised in full on March 3, 2021. The closing of the offering of 1,840,000 shares of the Company’s common stock occurred on March 5, 2021, with proceeds to the Company of approximately $50.0 million, after deduction of underwriting discounts and commissions and other estimated offering expenses.

On June 22, 2021, Orchid entered into an equity distribution agreement (the “June 2021 Equity Distribution Agreement”) with four sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $250,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. The Company issued a total of 9,881,467 shares under the June 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $250.0 million, and net proceeds of approximately $246.0 million, after commissions and fees, prior to its termination in October 2021.

On October 29, 2021, Orchid entered into an equity distribution agreement (the “October 2021 Equity Distribution Agreement”) with four sales agents pursuant to which the Company may offer and sell, from time to time, up to an aggregate amount of $250,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. Through December 31, 2022, the Company issued a total of 7,052,188 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $119.6 million, and net proceeds of approximately $117.6 million, after commissions and fees. Subsequent to December 31, 2022 and through March 3, 2023, the Company issued a total of 2,690,000 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $32.2 million, and net proceeds of approximately $31.7 million, after commissions and fees.

Basis of Presentation and Use of Estimates

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of December 31, 2022.

Common Stock Reverse Split

On August 30, 2022, the Company effected a 1-for-5 reverse stock split of its common stock and proportionately decreased the number of authorized shares of common stock. All share, per share, deferred stock unit ("DSU") and performance unit ("PU") information has been retroactively adjusted to reflect the reverse split. The shares of common stock retain a par value of $0.01 per share.

Variable Interest Entities (VIEs)

The Company obtains interests in VIEs through its investments in mortgage-backed securities. The Company's interests in these VIEs are passive in nature and are not expected to result in the Company obtaining a controlling financial interest in these VIEs in the future. As a result, the Company does not consolidate these VIEs and accounts for these interests in these VIEs as mortgage-backed securities. See Note 2 for additional information regarding the Company's investments in mortgage-backed securities. The maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

(in thousands)

December 31, 2022

December 31, 2021

Cash and cash equivalents
$ 205,651 $ 385,143

Restricted cash
31,568 65,299

Total cash, cash equivalents and restricted cash
$ 237,219 $ 450,442

The Company maintains cash balances at three banks, a government securities backed overnight sweep fund, and excess margin on account with two exchange clearing members. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.

Mortgage-Backed Securities and U.S. Treasury Notes

The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of the Company's operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records securities transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the portfolio balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the portfolio balance with an offsetting receivable recorded.

Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker quotes, when available. Estimated fair values for U.S. Treasury Notes are based on quoted prices for identical assets in active markets.

Income on PT RMBS and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on RMBS in the statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations. Realized gains and losses on sales of RMBS and U.S. Treasury Notes, using the specific identification method, are reported as a separate component of net portfolio income on the statement of operations.

Derivative Financial Instruments

The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”), federal funds ("Fed Funds") and Eurodollar futures contracts, short positions in U.S. Treasury securities, interest rate swaps, options to enter in interest rate swaps (“interest rate swaptions”) and TBA securities transactions, but the Company may enter into other derivative and other hedging instruments in the future.

The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations.

Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statement of cash flows. Cash payments and cash receipts from settlements of derivatives, including current period net cash settlements on interest rate swaps, is classified as an investing activity on the statements of cash flows.

Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required.

Financial Instruments

The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as Level 2 assets under the fair value hierarchy as of December 31, 2022 and December 31, 2021 due to the short-term nature of these financial instruments.

Repurchase Agreements

The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Reverse Repurchase Agreements and Obligations to Return Securities Borrowed under Reverse Repurchase Agreements

The Company borrows securities to cover short sales of U.S. Treasury securities through reverse repo transactions under our master repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less.

Manager Compensation

The Company is externally managed by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13 for the terms of the management agreement.

Earnings Per Share

Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Stock-Based Compensation

The Company may grant equity-based compensation to non-employee members of its board of directors and to the executive officers and employees of the Manager. Stock-based awards issued include Performance Units, Deferred Stock Units and immediately vested common stock awards. Compensation expense is measured and recognized for all stock-based payment awards made to employees and non-employee directors based on the fair value of our common stock on the date of grant. Compensation expense is recognized over each award’s respective service period using the graded vesting attribution method. We do not estimate forfeiture rates; rather, we adjust for forfeitures in the periods in which they occur.

Income Taxes

Orchid elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders all of their REIT taxable income on an annual basis. A REIT must distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, and meet other requirements of the Code to retain its tax status.

Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848)," deferring the sunset date provided in ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2024, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes

12 Months Ended

Dec. 31, 2022

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 2. MORTGAGE-BACKED SECURITIES AND U.S. TREASURY NOTES

The following table presents the Company’s RMBS portfolio as of December 31, 2022 and December 31, 2021:

(in thousands)
	December 31, 2022		December 31, 2021
Pass-Through RMBS Certificates:
Fixed-rate Mortgages	$	3,519,906	$	6,298,189
Total Pass-Through Certificates		3,519,906		6,298,189
Structured RMBS Certificates:
Interest-Only Securities		19,669		210,382
Inverse Interest-Only Securities		427		2,524
Total Structured RMBS Certificates		20,096		212,906
Total	$	3,540,002	$	6,511,095

As of December 31, 2022 and 2021, the Company held U.S. Treasury Notes with a fair value of approximately $36.4 million and $37.2 million, primarily to satisfy collateral requirements of one of its derivative counterparties.

The following table is a summary of the Company's net loss from the sale of mortgage-backed securities for the years ended December 31, 2022, 2021 and 2020.

(in thousands)
	*2022*			*2021*			*2020*
Proceeds from sales of RMBS	$	2,759,919		$	2,851,708		$	4,200,536
Carrying value of RMBS sold		(2,893,614	)		(2,857,250	)		(4,225,522	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)

Gross gain on sales of RMBS	$	2,705		$	7,930		$	8,678
Gross loss on sales of RMBS		(136,400	)		(13,472	)		(33,664	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)

Note 3 - Repurchase Agreements

12 Months Ended

Dec. 31, 2022

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

NOTE 3. REPURCHASE AGREEMENTS

The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of December 31, 2022, the Company had met all margin call requirements.

As of December 31, 2022 and 2021, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
	*OVERNIGHT*		*BETWEEN 2*			*BETWEEN 31*			*GREATER*
	*(1 DAY OR*		*AND*			*AND*			*THAN*
	*LESS)*		*30 DAYS*			*90 DAYS*			*90 DAYS*			*TOTAL*
December 31, 2022
Fair market value of securities pledged, including accrued interest receivable	$	-	$	2,496,769		$	884,632		$	142,658		$	3,524,059
Repurchase agreement liabilities associated with these securities	$	-	$	2,404,329		$	837,299		$	136,817		$	3,378,445
Net weighted average borrowing rate		-		4.43	%		4.51	%		4.15	%		4.44	%
December 31, 2021
Fair market value of securities pledged, including accrued interest receivable	$	-	$	4,624,396		$	1,848,080		$	52,699		$	6,525,175
Repurchase agreement liabilities associated with these securities	$	-	$	4,403,182		$	1,789,327		$	51,597		$	6,244,106
Net weighted average borrowing rate		-		0.15	%		0.13	%		0.15	%		0.15	%

Included in the table above are repurchase agreements with outstanding principal balances of approximately $190.3 million as of December 31, 2022, with interest rates indexed to the Secured Overnight Financing Rate ("SOFR") that reprice daily.

In addition, cash pledged to counterparties as collateral for repurchase agreements was approximately $13.3 million and $57.3 million as of December 31, 2022 and 2021, respectively.

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At December 31, 2022, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable and securities posted by the counterparty (if any), and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $149.8 million. The Company did not have an amount at risk with any individual counterparty that was greater than 10% of the Company’s equity at December 31, 2022 and 2021.

Note 4 - Derivative and Other Hedging Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 4. DERIVATIVE AND OTHER HEDGING INSTRUMENTS

The table below summarizes fair value information about the Company's derivative and other hedging instruments assets and liabilities as of December 31, 2022 and 2021.

(in thousands)
Derivative and Other Hedging Instruments	*Balance Sheet Location*	*December 31, 2022*			*December 31, 2021*
Assets
Interest rate swaps	Derivative assets, at fair value	$	4,983		$	29,293
Payer swaptions (long positions)	Derivative assets, at fair value		33,398			21,493
Interest rate caps	Derivative assets, at fair value		1,119			-
TBA securities	Derivative assets, at fair value		672			-
Total derivative assets, at fair value		$	40,172		$	50,786

Liabilities
Interest rate swaps	Derivative liabilities, at fair value	$	-		$	2,862
Payer swaptions (short positions)	Derivative liabilities, at fair value		5,982			4,423
TBA securities	Derivative liabilities, at fair value		1,179			304
Total derivative liabilities, at fair value		$	7,161		$	7,589

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash	$	16,493		$	8,035
TBA securities	Restricted cash		1,734			-
TBA securities	Other liabilities		(532	)		(856	)
Interest rate swaption contracts	Other liabilities		(12,489	)		(6,350	)
Interest rate swap contracts	Other liabilities		-			-
Total margin balances on derivative contracts		$	5,206		$	829

Eurodollar, Fed Funds and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s T-Note futures positions at December 31, 2022 and 2021.

($ in thousands)
	*December 31, 2022*
	*Average*		*Weighted*			*Weighted*
	*Contract*		*Average*			*Average*
	*Notional*		*Entry*			*Effective*			*Open*
Expiration Year	*Amount*		*Rate*			*Rate*			*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Positions)⁽²⁾
March 2023 5-year T-Note futures (Mar 2023 - Mar 2028 Hedge Period)	$	750,500		4.20	%		4.22	%	$	(100	)
March 2023 10-year Ultra futures (Mar 2023 - Mar 2033 Hedge Period)	$	174,500		3.66	%		3.79	%	$	965

($ in thousands)
	*December 31, 2021*
	*Average*		*Weighted*			*Weighted*
	*Contract*		*Average*			*Average*
	*Notional*		*Entry*			*Effective*			*Open*
Expiration Year	*Amount*		*Rate*			*Rate*			*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Position)⁽²⁾
March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period)	$	369,000		1.56	%		1.62	%	$	1,013
March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period)	$	220,000		1.22	%		1.09	%	$	(3,861	)

(1)	Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

(2)

5-Year T-Note futures contracts were valued at a price of $107.93 at December 31, 2022 and $120.98 at December 31, 2021. The contract values of the short positions were $810.0 million and $446.4 million at December 31, 2022 and 2021, respectively. 10-Year Ultra futures contracts were valued at price of $118.28 at December 31, 2022 and $146.44 at December 31, 2021. The contract value of the short positions was $206.4 million and $322.2 million at December 31, 2022 and 2021, respectively.

Under its interest rate swap agreements, the Company typically pays a fixed rate and receives a floating rate ("payer swaps") based on an index, such as the London Interbank Offered Rate ("LIBOR") and the Secured Overnight Financing Rate ("SOFR). The floating rate the Company receives under its swap agreements has the effect of offsetting the repricing characteristics of its repurchase agreements and cash flows on such liabilities. The Company is typically required to post collateral on its interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at December 31, 2022 and 2021.

($ in thousands)
			Average
			Fixed			Average			Average
	*Notional*		*Pay*			*Receive*			*Maturity*
	*Amount*		*Rate*			*Rate*			*(Years)*
December 31, 2022
Expiration > 3 to ≤ 5 years	$	500,000		0.84	%		4.75	%		3.7
Expiration > 5 years	$	900,000		1.70	%		4.23	%		6.6
	$	1,400,000		1.39	%		4.41	%		5.6
December 31, 2021
Expiration > 3 to ≤ 5 years	$	955,000		0.64	%		0.16	%		4.0
Expiration > 5 years	$	400,000		1.16	%		0.21	%		7.3
	$	1,355,000		0.79	%		0.18	%		5.0

Our interest rate swaps are centrally cleared through a two registered commodities exchanges, Chicago Mercantile Exchange ("CME") and the London Clearing House (“LCH”). The clearing exchanges requires that we post an "initial margin" amount determined by the exchanges. The initial margin amount is intended to be set at a level sufficient to protect the exchange from the interest rate swap's maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors. We also exchange daily settlements of "variation margin" based upon changes in fair value, as measured by the exchanges.

The table below presents information related to the Company's interest rate cap positions at December 31, 2022. The Company had no interest rate cap positions in place at December 31, 2021.

($ in thousands)

Net

Strike

Estimated

Notional

Swap

Curve

Fair

Expiration

Amount

Cost

Rate

Spread

Value

February 8, 2024

200,000

1,450

0.09

2Y10Y

1,119

The table below presents information related to the Company’s interest rate swaption positions at December 31, 2022 and 2021.

($ in thousands)
	*Option*								*Underlying Swap*
							*Weighted*								*Average*	*Weighted*
							*Average*					*Average*			*Adjustable*	*Average*
				*Fair*			*Months to*		*Notional*			*Fixed*			*Rate*	*Term*
Expiration	*Cost*			*Value*			*Expiration*		*Amount*			*Rate*			*(LIBOR)*	*(Years)*
December 31, 2022
Payer Swaptions (long positions)
≤ 1 year	$	36,685		$	21,253			9.6		1,250,000			4.09	%	3 Month		10.0
> 10 years	$	11,021		$	12,145			239.5		120,000			2.05	%	3 Month		10.0
	$	47,706		$	33,398			29.8	$	1,370,000			3.91	%	3 Month		10.0
Payer Swaptions (short positions)
≤ 1 year	$	(17,800	)	$	(5,982	)		3.6	$	(917,000	)		4.09	%	3 Month		10.0
December 31, 2021
Payer Swaptions (long positions)
≤ 1 year	$	4,000		$	1,575			3.2		400,000			1.66	%	3 Month		5.0
> 1 year ≤ 2 years		32,690			19,918			18.4		1,258,500			2.46	%	3 Month		14.1
	$	36,690		$	21,493			14.7	$	1,658,500			2.27	%	3 Month		11.9
Payer Swaptions (short positions)
≤ 1 year	$	(16,185	)	$	(4,423	)		5.3	$	(1,331,500	)		2.29	%	3 Month		11.4

The following table summarizes the Company's contracts to purchase and sell TBA securities as of December 31, 2022 and 2021.

($ in thousands)
	Notional									Net
	Amount			Cost			Market			Carrying
	Long (Short)⁽¹⁾			Basis⁽²⁾			Value⁽³⁾			Value⁽⁴⁾
December 31, 2022
*30-Year TBA securities:*
2.0%	$	(175,000	)	$	(142,268	)	$	(143,145	)	$	(877	)
3.0%		(500,000	)		(440,644	)		(440,274	)		370
Total	$	(675,000	)	$	(582,912	)	$	(583,419	)	$	(507	)
December 31, 2021
*30-Year TBA securities:*
3.0%	$	(575,000	)	$	(595,630	)	$	(595,934	)	$	(304	)
Total	$	(575,000	)	$	(595,630	)	$	(595,934	)	$	(304	)

(1)	Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.

(2)	Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.

(3)	Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.

(4)	Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in the balance sheets.

Gain (Loss) From Derivative and Other Hedging Instruments, Net

The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the years ended December 31, 2022, 2021 and 2020.

(in thousands)
	*2022*			*2021*			*2020*
U.S. Treasury Note futures contracts (short position)	$	207,511		$	(846	)	$	(4,707	)
Eurodollar futures contracts (short positions)		-			(10	)		(8,337	)
Interest rate swaps		170,297			23,613			(66,212	)
Payer swaptions (long positions)		152,365			(2,580	)		98
Payer swaptions (short positions)		(81,050	)		9,062			(3,070	)
Interest rate caps		919			-			-
Interest rate floors		-			2,765			-
TBA securities (short positions)		4,494			3,432			(6,719	)
TBA securities (long positions)		1,200			(8,559	)		9,950
U.S. Treasury securities (short positions)		-			-			(95	)
Total	$	455,736		$	26,877		$	(79,092	)

Credit Risk-Related Contingent Features

The use of derivatives and other hedging instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk by limiting its counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty obtaining its assets pledged as collateral for its derivatives. The cash and cash equivalents pledged as collateral for the Company's derivative instruments are included in restricted cash on its balance sheets.

It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, CME, Intercontinental Exchange ("ICE"), and LCH rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME, ICE, or LCH serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date.

Note 5 - Pledged Assets

12 Months Ended

Dec. 31, 2022

Pledged Assets [Text Block]

NOTE 5. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes the Company's assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not yet settled, as of December 31, 2022 and 2021.

(in thousands)
	*December 31, 2022*						*December 31, 2021*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Counterparties	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT RMBS - fair value	$	3,492,544	$	-	$	3,492,544	$	6,294,102	$	-	$	6,294,102
Structured RMBS - fair value		20,096		-		20,096		212,270		-		212,270
U.S. Treasury Notes		-		36,382		36,382		-		29,740		29,740
Accrued interest on pledged securities		11,419		16		11,435		18,804		13		18,817
Restricted cash		13,341		18,227		31,568		57,264		8,035		65,299
Total	$	3,537,400	$	54,625	$	3,592,025	$	6,582,440	$	37,788	$	6,620,228

Assets Pledged from Counterparties

The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of December 31, 2022 and 2021.

(in thousands)
	*December 31, 2022*						*December 31, 2021*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Orchid	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
Cash	$	3,075	$	13,021	$	16,096	$	4,339	$	7,206	$	11,545
U.S. Treasury securities - fair value		197		-		197		-		-		-
Total	$	3,272	$	13,021	$	16,293	$	4,339	$	7,206	$	11,545

U.S. Treasury securities received as margin under the Company's repurchase agreements are not recorded in the balance sheets because the counterparty retains ownership of the security. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets.

Note 6 - Offsetting Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Offsetting Assets and Liabilities [Text Block]

NOTE 6. OFFSETTING ASSETS AND LIABILITIES

The Company’s derivative agreements and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis in the case of repurchase agreements and for certain derivative agreements. For derivative assets and liabilities associated with centrally cleared derivatives for which LCH serves as the central clearing party variation margin transfer amounts are considered adjustments to collateral. In such cases the market exposure is not reset or extinguished by the transfer of collateral. Such variation margin is recorded on a gross basis and separate from the fair value of the derivative asset or liability. However, CME and ICE rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME or ICE serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date.

The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2022 and 2021.

(in thousands)
*Offsetting of Assets*
					*Net Amount*		*Gross Amount Not*
	*Gross*		*Gross*		*of Assets*		*Offset in the Balance Sheet*
	*Amount*		*Amount*		*Presented*		*Financial*
	of		*Offset in the*		*in the*		*Instruments*		*Cash*
	*Recognized*		*Balance*		*Balance*		*Received as*		*Received as*			*Net*
	*Assets*		*Sheet*		*Sheet*		*Collateral*		*Collateral*			*Amount*
December 31, 2022
Interest rate swaps	$	4,983	$	-	$	4,983	$	-	$	-		$	4,983
Interest rate swaptions		33,398		-		33,398		-		(12,489	)		20,909
Interest rate caps		1,119		-		1,119		-		-			1,119
TBA securities		672		-		672		-		(532	)		140
	$	40,172	$	-	$	40,172	$	-	$	(13,021	)	$	27,151
December 31, 2021
Interest rate swaps	$	29,293	$	-	$	29,293	$	-	$	-		$	29,293
Interest rate swaptions		21,493		-		21,493		-		(6,350	)		15,143
TBA securities		-		-		-		-		-			-
	$	50,786	$	-	$	50,786	$	-	$	(6,350	)	$	44,436

(in thousands)
*Offsetting of Liabilities*
					*Net Amount*		*Gross Amount Not*
	*Gross*		*Gross*		*of Liabilities*		*Offset in the Balance Sheet*
	*Amount*		*Amount*		*Presented*		*Financial*
	of		*Offset in the*		*in the*		*Instruments*
	*Recognized*		*Balance*		*Balance*		*Posted as*			*Cash Posted*			*Net*
	*Liabilities*		*Sheet*		*Sheet*		*Collateral*			*Collateral*			*Amount*
December 31, 2022
Repurchase Agreements	$	3,378,445	$	-	$	3,378,445	$	(3,365,104	)	$	(13,341	)	$	-
Interest rate swaps		-		-		-		-			-			-
Interest rate swaptions		5,982		-		5,982		-			-			5,982
TBA securities		1,179		-		1,179		-			(1,179	)		-
	$	3,385,606	$	-	$	3,385,606	$	(3,365,104	)	$	(14,520	)	$	5,982
December 31, 2021
Repurchase Agreements	$	6,244,106	$	-	$	6,244,106	$	(6,186,842	)	$	(57,264	)	$	-
Interest rate swaps		2,862		-		2,862		(2,862	)		-			-
Interest rate swaptions		4,423		-		4,423		-			-			4,423
TBA securities		304		-		304		-			-			304
	$	6,251,695	$	-	$	6,251,695	$	(6,189,704	)	$	(57,264	)	$	4,727

The amounts disclosed for collateral received by or posted to the same counterparty up to and not exceeding the net amount of the asset or liability presented in the balance sheets. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 5 for a discussion of collateral posted or received against or for repurchase obligations and derivative and other hedging instruments.

Note 7 - Capital Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note Disclosure [Text Block]

NOTE 7. CAPITAL STOCK

Reverse Stock Split

On August 30, 2022, the Company effected a 1-for-5 reverse stock split of its common stock and proportionately decreased the number of authorized shares of common stock. All share, per share, DSU and PU information has been retroactively adjusted to reflect the reverse split. The shares of common stock retain a par value of $0.01 per share.

Common Stock Issuances

During 2022 and 2021, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
		*Weighted*
		*Average*
		*Price*
		*Received*				*Net*
Type of Offering	*Period*	*Per Share(1)*		*Shares*		*Proceeds(2)*
2022
At the Market Offering Program⁽³⁾	First Quarter	$	-		-	$	-
At the Market Offering Program⁽³⁾	Second Quarter		-		-		-
At the Market Offering Program⁽³⁾	Third Quarter		-		-		-
At the Market Offering Program⁽³⁾	Fourth Quarter		10.45		3,885,048		40,580
					3,885,048	$	40,580
2021
At the Market Offering Program⁽³⁾	First Quarter	$	25.50		61,610	$	1,572
Follow-on Offerings	First Quarter		26.55		3,588,000		95,336
At the Market Offering Program⁽³⁾	Second Quarter		27.00		4,617,418		124,746
At the Market Offering Program⁽³⁾	Third Quarter		24.70		7,163,668		177,007
At the Market Offering Program⁽³⁾	Fourth Quarter		24.34		4,734,940		115,398
					20,165,635	$	514,059

(1)	Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.

(2)	Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

(3)	As of December 31, 2022, the Company had entered into ten equity distribution agreements, nine of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.

Stock Repurchase Program

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 400,000 shares of the Company’s common stock. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 904,564 shares of the Company's common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,316 shares, representing 10% of the then outstanding share count.

On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company’s then outstanding shares of common stock.

On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company’s then outstanding shares of common stock.

As part of the stock repurchase program, shares may be purchased in open market transactions, block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. The stock repurchase program has no termination date.

From the inception of the stock repurchase program through December 31, 2022, the Company repurchased a total of 3,675,572 shares at an aggregate cost of approximately $64.8 million, including commissions and fees, for a weighted average price of $17.63 per share. During the year ended December 31, 2022, the Company repurchased a total of 2,538,470 shares at an aggregate cost of approximately $24.5 million, including commissions and fees, for a weighted average price of $9.63 per share. No shares were repurchased during the year ended December 31, 2021. Subsequent to December 31, 2022, and through March 3, 2023, the Company repurchased a total of 373,041 shares at an aggregate cost of approximately $4.0 million, including commissions and fees, for a weighted average price of $10.62 per share. The remaining authorization under the stock repurchase program as of March 3, 2023 was 4,928,350 shares.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock.

(in thousands, except per share amounts)
Year	*Per Share Amount*		*Total*
2013	$	6.975	$	4,662
2014		10.800		22,643
2015		9.600		38,748
2016		8.400		41,388
2017		8.400		70,717
2018		5.350		55,814
2019		4.800		54,421
2020		3.950		53,570
2021		3.900		97,601
2022		2.475		87,906
2023 YTD⁽¹⁾		0.320		12,540
Totals	$	64.970	$	540,010

(1)

On January 11, 2023, the Company declared a dividend of $0.16 per share that was paid on February 24, 2023. On February 15, 2023, the Company declared a dividend of $0.16 per share to be paid on March 29, 2023. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2022.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Note 8 - Stock Incentive Plan

12 Months Ended

Dec. 31, 2022

Compensation and Employee Benefit Plans [Text Block]

NOTE 8. STOCK INCENTIVE PLAN

In 2021, the Company’s Board of Directors adopted, and the stockholders approved, the Orchid Island Capital, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”) to replace the Orchid Island Capital, Inc. 2012 Equity Incentive Plan (the “2012 Incentive Plan” and together with the 2021 Incentive Plan, the “Incentive Plans”). The 2021 Incentive Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The 2021 Incentive Plan is administered by the Compensation Committee of the Company’s Board of Directors except that the Company’s full Board of Directors will administer awards made to directors who are not employees of the Company or its affiliates. The 2021 Incentive Plan provides for awards of up to an aggregate of 10% of the issued and outstanding shares of the Company's common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregate 1,473,324 shares of the Company’s common stock that may be issued under the 2021 Incentive Plan. The 2021 Incentive Plan replaces the 2012 Incentive Plan, and no further grants will be made under the 2012 Incentive Plan. However, any outstanding awards under the 2012 Incentive Plan will continue in accordance with the terms of the 2012 Incentive Plan and any award agreement executed in connection with such outstanding awards.

Performance Units

The Company has issued, and may in the future issue additional performance units under the Incentive Plan to certain executive officers and employees of its Manager. “Performance Units” vest after the end of a defined performance period, based on satisfaction of the performance conditions set forth in the performance unit agreement. When earned, each Performance Unit will be settled by the issuance of one share of the Company’s common stock, at which time the Performance Unit will be cancelled. The Performance Units contain dividend equivalent rights, which entitle the Participants to receive distributions declared by the Company on common stock, but do not include the right to vote the underlying shares of common stock. Performance Units are subject to forfeiture should the participant no longer serve as an executive officer or employee of the Company. Compensation expense for the Performance Units, included in incentive compensation on the statements of operations, is recognized over the remaining vesting period once it becomes probable that the performance conditions will be achieved.

The following table presents information related to Performance Units outstanding during the years ended December 31, 2022 and 2021.

($ in thousands, except per share data)
	*2022*					*2021*
				*Weighted*					*Weighted*
				*Average*					*Average*
				*Grant Date*					*Grant Date*
	*Shares*			*Fair Value*		*Shares*			*Fair Value*
Unvested, beginning of period		26,645		$	29.40		911		$	37.25
Granted		35,114			16.55		27,579			29.40
Forfeited		(14,980	)		21.04		(934	)		29.40
Vested and issued		(9,859	)		29.40		(911	)		37.25
Unvested, end of period		36,920		$	20.57		26,645		$	29.40

Compensation expense during period				$	376				$	321
Unrecognized compensation expense, end of period				$	357				$	467
Intrinsic value, end of period				$	388				$	599
Weighted-average remaining vesting term (in years)					1.2					1.4

The number of shares of common stock issuable upon the vesting of the remaining outstanding Performance Units was reduced as a result of two book value impairment events that occurred pursuant to the terms of the long term equity incentive compensation plans (the “Plans”) established under the Company’s 2012 Equity Incentive Plan and 2021 Equity Incentive Plan. The first book value impairment event occurred when the Company's book value per share declined by more than 15% during the quarter ended March 31, 2022 and the Company’s book value per share decline from January 1, 2022 to June 30, 2022 was more than 10%. The second book value impairment event occurred when the Company's book value per share declined by more than 15% during the quarter ended September 30, 2022 and the Company’s book value per share decline from July 1, 2022 to December 31, 2022 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding Performance Units that are outstanding as of the last day of such two quarter period shall be reduced by 15%.

Stock Awards

The Company has issued, and may in the future issue additional, immediately vested common stock under the Incentive Plans to certain executive officers and employees of its Manager. Compensation expense for the stock awards is based on the fair value of the Company’s common stock on the grant date and is included in incentive compensation in the statements of operations. The following table presents information related to fully vested common stock issued during the years ended December 31, 2022 and 2021. All of the fully vested shares of common stock issued during the years ended December 31, 2022 and 2021, and the related compensation expense, were granted with respect to service performed during the previous fiscal years.

($ in thousands, except per share data)
	*2022*		*2021*
Fully vested shares granted		35,114		27,579
Weighted average grant date price per share	$	16.55	$	29.40
Compensation expense related to fully vested shares of common stock awards⁽¹⁾	$	581	$	811

(1)	The awards issued during the year ended December 31, 2022 were granted with respect to service performed in 2021. Approximately $600,000 of compensation expense related to the 2022 awards was accrued and recognized in 2021.

Deferred Stock Units

Non-employee directors receive a portion of their compensation in the form of DSU awards pursuant to the Incentive Plans. Each DSU represents a right to receive one share of the Company’s common stock. Beginning in 2022, each non-employee director can elect to receive all of his or her compensation in the form of DSUs. The DSUs are immediately vested and are settled at a future date based on the election of the individual participant. Compensation expense for the DSUs is included in directors’ fees and liability insurance in the statements of operations. The DSUs contain dividend equivalent rights, which entitle the participant to receive distributions declared by the Company on common stock. These distributions will be made in the form of cash or additional DSUs at the participant’s election. The DSUs do not include the right to vote the underlying shares of common stock.

The following table presents information related to the DSUs outstanding during the years ended December 31, 2022 and 2021.

($ in thousands, except per share data)
	*2022*				*2021*
			*Weighted*				*Weighted*
			*Average*				*Average*
			*Grant Date*				*Grant Date*
	*Shares*		*Fair Value*		*Shares*		*Fair Value*
Outstanding, beginning of period		28,595	$	26.92		18,189	$	27.20
Granted and vested		25,602		12.89		10,406		26.43
Outstanding, end of period		54,197	$	20.29		28,595	$	26.92

Compensation expense during period			$	328			$	240
Intrinsic value, end of period			$	569			$	643

Note 9 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Text Block]

NOTE 9. COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any reported or unreported contingencies at December 31, 2022.

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Text Block]

NOTE 10. INCOME TAXES

The Company will generally not be subject to U.S. federal income tax on its REIT taxable income to the extent that it distributes its REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, including meeting certain asset, income and stock ownership tests. A REIT must generally distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, to its stockholders, annually to maintain REIT status. An amount equal to the sum of 85% of its REIT ordinary income and 95% of its REIT capital gain net income, plus certain undistributed income from prior taxable years, must be distributed within the taxable year in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements.

REIT taxable income (loss) is computed in accordance with the Code, which is different than the Company’s financial statement net income (loss) computed in accordance with GAAP. Book to tax differences primarily relate to the recognition of interest income on RMBS, unrealized gains and losses on RMBS, and the amortization of losses on derivative instruments that are treated as hedges for tax purposes.

As of December 31, 2022, we had distributed all of our estimated REIT taxable income through fiscal year 2022. Accordingly, no income tax provision was recorded for 2022, 2021 and 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Note 11 - Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Text Block]

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the years ended December 31, 2022, 2021 and 2020. The basic and diluted per share computations include these unvested Performance Units and Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested Performance Units and Deferred Stock Units are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2022, 2021 and 2020.

(in thousands, except per-share information)
	*2022*			*2021*			*2020*
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net (loss) income - Basic and diluted	$	(258,453	)	$	(64,760	)	$	2,128
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		36,765			35,399			15,215
Unvested dividend eligible share based compensation outstanding at the balance sheet date		-			-			19
Effect of weighting		700			(11,170	)		(1,792	)
Weighted average shares-basic and diluted		37,465			24,229			13,442
Net (loss) income per common share:
Basic and diluted	$	(6.90	)	$	(2.67	)	$	0.16
Anti-dilutive incentive shares not included in calculation.		91			55			-

Note 12 - Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Text Block]

NOTE 12. FAIR VALUE

The framework for using fair value to measure assets and liabilities defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:

●

Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),

●

Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and

●

Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.

The Company's RMBS and TBA securities are Level 2 valuations, and such valuations are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company’s securities. These techniques include observing the most recent market for like or identical assets (including security coupon, maturity, yield, and prepayment speeds), spread pricing techniques to determine market credit spreads (option adjusted spread, zero volatility spread, spread to the U.S. Treasury curve or spread to a benchmark such as a TBA), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread.

The Company’s U.S. Treasury Notes are based on quoted prices for identical instruments in active markets and are classified as Level 1 assets.

The Company’s futures contracts are Level 1 valuations, as they are exchange-traded instruments and quoted market prices are readily available. Futures contracts are settled daily. The Company’s interest rate swaps and interest rate swaptions are Level 2 valuations. The fair value of interest rate swaps is determined using a discounted cash flow approach using forward market interest rates and discount rates, which are observable inputs. The fair value of interest rate swaptions is determined using an option pricing model.

RMBS (based on the fair value option), derivatives and TBA securities were recorded at fair value on a recurring basis during the years ended December 31, 2022, 2021 and 2020. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets.

The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2022 and 2021. Derivative contracts are reported as a net position by contract type, and not based on master netting arrangements.

(in thousands)
	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*			*Significant*
	*Identical*		*Observable*			*Unobservable*
	*Assets*		*Inputs*			*Inputs*
	*(Level 1)*		*(Level 2)*			*(Level 3)*
December 31, 2022
Mortgage-backed securities	$	-	$	3,540,002		$	-
U.S. Treasury Notes		36,382		-			-
Interest rate swaps		-		4,983			-
Interest rate swaptions		-		27,416			-
Interest rate caps		-		1,119			-
TBA securities		-		(507	)		-
December 31, 2021
Mortgage-backed securities	$	-	$	6,511,095		$	-
U.S. Treasury Notes		36,382		-			-
Interest rate swaps		-		26,431			-
Interest rate swaptions		-		17,070			-
TBA securities		-		(304	)		-

During the years ended December 31, 2022 and 2021, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 13 - Related Party Transactions

12 Months Ended

Dec. 31, 2022

Basis of Accounting, Policy [Policy Text Block]

NOTE 13. RELATED PARTY TRANSACTIONS

Management Agreement

The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2024 and provides for automatic one-year extension options thereafter and is subject to certain termination rights. Under the terms of the management agreement, the Manager is responsible for administering the business activities and day-to-day operations of the Company. The Manager receives a monthly management fee in the amount of:

●

One-twelfth of 1.5% of the first $250 million of the Company’s month-end equity, as defined in the management agreement,

●

One-twelfth of 1.25% of the Company’s month-end equity that is greater than $250 million and less than or equal to $500 million, and

●

One-twelfth of 1.00% of the Company’s month-end equity that is greater than $500 million.

On April 1, 2022, pursuant to the third amendment to the management agreement entered into on November 16, 2021, the Manager began providing certain repurchase agreement trading, clearing and administrative services to the Company that had been previously provided by AVM, L.P. under an agreement terminated on March 31, 2022. In consideration for such services, the Company will pay the following fees to the Manager:

●

A daily fee equal to the outstanding principal balance of repurchase agreement funding in place as of the end of such day multiplied by 1.5 basis points for the amount of aggregate outstanding principal balance less than or equal to $5 billion, and multiplied by 1.0 basis point for any amount of aggregate outstanding principal balance in excess of $5 billion, and

●

A fee for the clearing and operational services provided by personnel of the Manager equal to $10,000 per month

The Company is obligated to reimburse the Manager for any direct expenses incurred on its behalf and to pay the Manager the Company’s pro rata portion of certain overhead costs set forth in the management agreement. Should the Company terminate the management agreement without cause, it will pay the Manager a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the term of the agreement.

Total expenses recorded for the management fee, allocated overhead and repurchase agreement trading, clearing and administrative services were approximately $13.0 million, $9.8 million and $6.8 million, for the years ended December 31, 2022, 2021 and 2020, respectively.

Other Relationships with Bimini

Robert Cauley, the Company's Chief Executive Officer and Chairman of the Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. George H. Haas, the Company's Chief Financial Officer, Chief Investment Officer, Secretary and a member of the Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of December 31, 2022, Bimini owned 569,071 shares, or 1.5%, of the Company’s common stock.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

Reverse Stock Split Policy [Policy Text Block]

Common Stock Reverse Split

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entities (VIEs)

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

(in thousands)
	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	205,651	$	385,143
Restricted cash		31,568		65,299
Total cash, cash equivalents and restricted cash	$	237,219	$	450,442

The Company maintains cash balances at three banks, a government securities backed overnight sweep fund, and excess margin on account with two exchange clearing members. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.

Marketable Securities, Policy [Policy Text Block]

Mortgage-Backed Securities and U.S. Treasury Notes

The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of the Company's operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records securities transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the portfolio balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the portfolio balance with an offsetting receivable recorded.

Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker quotes, when available. Estimated fair values for U.S. Treasury Notes are based on quoted prices for identical assets in active markets.

Income on PT RMBS and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on RMBS in the statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations. Realized gains and losses on sales of RMBS and U.S. Treasury Notes, using the specific identification method, are reported as a separate component of net portfolio income on the statement of operations.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”), federal funds ("Fed Funds") and Eurodollar futures contracts, short positions in U.S. Treasury securities, interest rate swaps, options to enter in interest rate swaps (“interest rate swaptions”) and TBA securities transactions, but the Company may enter into other derivative and other hedging instruments in the future.

The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations.

Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statement of cash flows. Cash payments and cash receipts from settlements of derivatives, including current period net cash settlements on interest rate swaps, is classified as an investing activity on the statements of cash flows.

Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as Level 2 assets under the fair value hierarchy as of December 31, 2022 and December 31, 2021 due to the short-term nature of these financial instruments.

Repurchase and Resale Agreements Policy [Policy Text Block]

Repurchase Agreements

The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Reverse Repurchase Agreements [Policy Text Block]

Reverse Repurchase Agreements and Obligations to Return Securities Borrowed under Reverse Repurchase Agreements

The Company borrows securities to cover short sales of U.S. Treasury securities through reverse repo transactions under our master repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. The securities received as collateral in connection with our reverse repurchase agreements mitigate our credit risk exposure to counterparties. Our reverse repurchase agreements typically have maturities of 30 days or less.

Management Fees Policy [Policy Text Block]

Manager Compensation

The Company is externally managed by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13 for the terms of the management agreement.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Stock-Based Compensation

The Company may grant equity-based compensation to non-employee members of its board of directors and to the executive officers and employees of the Manager. Stock-based awards issued include Performance Units, Deferred Stock Units and immediately vested common stock awards. Compensation expense is measured and recognized for all stock-based payment awards made to employees and non-employee directors based on the fair value of our common stock on the date of grant. Compensation expense is recognized over each award’s respective service period using the graded vesting attribution method. We do not estimate forfeiture rates; rather, we adjust for forfeitures in the periods in which they occur.

Income Tax, Policy [Policy Text Block]

Income Taxes

Orchid elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders all of their REIT taxable income on an annual basis. A REIT must distribute at least 90% of its REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gain, and meet other requirements of the Code to retain its tax status.

Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06 “Reference Rate Reform (Topic 848)," deferring the sunset date provided in ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2024, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

Note 1 - Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents and Investments [Table Text Block]

(in thousands)
	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	205,651	$	385,143
Restricted cash		31,568		65,299
Total cash, cash equivalents and restricted cash	$	237,219	$	450,442

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes (Tables)

12 Months Ended

Dec. 31, 2022

Marketable Securities [Table Text Block]

(in thousands)
	December 31, 2022		December 31, 2021
Pass-Through RMBS Certificates:
Fixed-rate Mortgages	$	3,519,906	$	6,298,189
Total Pass-Through Certificates		3,519,906		6,298,189
Structured RMBS Certificates:
Interest-Only Securities		19,669		210,382
Inverse Interest-Only Securities		427		2,524
Total Structured RMBS Certificates		20,096		212,906
Total	$	3,540,002	$	6,511,095

Gain (Loss) on Securities [Table Text Block]

(in thousands)
	*2022*			*2021*			*2020*
Proceeds from sales of RMBS	$	2,759,919		$	2,851,708		$	4,200,536
Carrying value of RMBS sold		(2,893,614	)		(2,857,250	)		(4,225,522	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)

Gross gain on sales of RMBS	$	2,705		$	7,930		$	8,678
Gross loss on sales of RMBS		(136,400	)		(13,472	)		(33,664	)
Net loss on sales of RMBS	$	(133,695	)	$	(5,542	)	$	(24,986	)

Note 3 - Repurchase Agreements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Repurchase Agreements [Table Text Block]

($ in thousands)
	*OVERNIGHT*		*BETWEEN 2*			*BETWEEN 31*			*GREATER*
	*(1 DAY OR*		*AND*			*AND*			*THAN*
	*LESS)*		*30 DAYS*			*90 DAYS*			*90 DAYS*			*TOTAL*
December 31, 2022
Fair market value of securities pledged, including accrued interest receivable	$	-	$	2,496,769		$	884,632		$	142,658		$	3,524,059
Repurchase agreement liabilities associated with these securities	$	-	$	2,404,329		$	837,299		$	136,817		$	3,378,445
Net weighted average borrowing rate		-		4.43	%		4.51	%		4.15	%		4.44	%
December 31, 2021
Fair market value of securities pledged, including accrued interest receivable	$	-	$	4,624,396		$	1,848,080		$	52,699		$	6,525,175
Repurchase agreement liabilities associated with these securities	$	-	$	4,403,182		$	1,789,327		$	51,597		$	6,244,106
Net weighted average borrowing rate		-		0.15	%		0.13	%		0.15	%		0.15	%

Note 4 - Derivative and Other Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

(in thousands)
Derivative and Other Hedging Instruments	*Balance Sheet Location*	*December 31, 2022*			*December 31, 2021*
Assets
Interest rate swaps	Derivative assets, at fair value	$	4,983		$	29,293
Payer swaptions (long positions)	Derivative assets, at fair value		33,398			21,493
Interest rate caps	Derivative assets, at fair value		1,119			-
TBA securities	Derivative assets, at fair value		672			-
Total derivative assets, at fair value		$	40,172		$	50,786

Liabilities
Interest rate swaps	Derivative liabilities, at fair value	$	-		$	2,862
Payer swaptions (short positions)	Derivative liabilities, at fair value		5,982			4,423
TBA securities	Derivative liabilities, at fair value		1,179			304
Total derivative liabilities, at fair value		$	7,161		$	7,589

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash	$	16,493		$	8,035
TBA securities	Restricted cash		1,734			-
TBA securities	Other liabilities		(532	)		(856	)
Interest rate swaption contracts	Other liabilities		(12,489	)		(6,350	)
Interest rate swap contracts	Other liabilities		-			-
Total margin balances on derivative contracts		$	5,206		$	829

($ in thousands)

Net

Strike

Estimated

Notional

Swap

Curve

Fair

Expiration

Amount

Cost

Rate

Spread

Value

February 8, 2024

200,000

1,450

0.09

2Y10Y

1,119

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

($ in thousands)
	*December 31, 2022*
	*Average*		*Weighted*			*Weighted*
	*Contract*		*Average*			*Average*
	*Notional*		*Entry*			*Effective*			*Open*
Expiration Year	*Amount*		*Rate*			*Rate*			*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Positions)⁽²⁾
March 2023 5-year T-Note futures (Mar 2023 - Mar 2028 Hedge Period)	$	750,500		4.20	%		4.22	%	$	(100	)
March 2023 10-year Ultra futures (Mar 2023 - Mar 2033 Hedge Period)	$	174,500		3.66	%		3.79	%	$	965

($ in thousands)
	*December 31, 2021*
	*Average*		*Weighted*			*Weighted*
	*Contract*		*Average*			*Average*
	*Notional*		*Entry*			*Effective*			*Open*
Expiration Year	*Amount*		*Rate*			*Rate*			*Equity(1)*
U.S. Treasury Note Futures Contracts (Short Position)⁽²⁾
March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period)	$	369,000		1.56	%		1.62	%	$	1,013
March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period)	$	220,000		1.22	%		1.09	%	$	(3,861	)

Schedule of Interest Rate Swaps [Table Text Block]

($ in thousands)
			Average
			Fixed			Average			Average
	*Notional*		*Pay*			*Receive*			*Maturity*
	*Amount*		*Rate*			*Rate*			*(Years)*
December 31, 2022
Expiration > 3 to ≤ 5 years	$	500,000		0.84	%		4.75	%		3.7
Expiration > 5 years	$	900,000		1.70	%		4.23	%		6.6
	$	1,400,000		1.39	%		4.41	%		5.6
December 31, 2021
Expiration > 3 to ≤ 5 years	$	955,000		0.64	%		0.16	%		4.0
Expiration > 5 years	$	400,000		1.16	%		0.21	%		7.3
	$	1,355,000		0.79	%		0.18	%		5.0

Schedule of Interest Rate Swaption Agreements [Table Text Block]

($ in thousands)
	*Option*								*Underlying Swap*
							*Weighted*								*Average*	*Weighted*
							*Average*					*Average*			*Adjustable*	*Average*
				*Fair*			*Months to*		*Notional*			*Fixed*			*Rate*	*Term*
Expiration	*Cost*			*Value*			*Expiration*		*Amount*			*Rate*			*(LIBOR)*	*(Years)*
December 31, 2022
Payer Swaptions (long positions)
≤ 1 year	$	36,685		$	21,253			9.6		1,250,000			4.09	%	3 Month		10.0
> 10 years	$	11,021		$	12,145			239.5		120,000			2.05	%	3 Month		10.0
	$	47,706		$	33,398			29.8	$	1,370,000			3.91	%	3 Month		10.0
Payer Swaptions (short positions)
≤ 1 year	$	(17,800	)	$	(5,982	)		3.6	$	(917,000	)		4.09	%	3 Month		10.0
December 31, 2021
Payer Swaptions (long positions)
≤ 1 year	$	4,000		$	1,575			3.2		400,000			1.66	%	3 Month		5.0
> 1 year ≤ 2 years		32,690			19,918			18.4		1,258,500			2.46	%	3 Month		14.1
	$	36,690		$	21,493			14.7	$	1,658,500			2.27	%	3 Month		11.9
Payer Swaptions (short positions)
≤ 1 year	$	(16,185	)	$	(4,423	)		5.3	$	(1,331,500	)		2.29	%	3 Month		11.4

Schedule of To Be Announced Securities [Table Text Block]

($ in thousands)
	Notional									Net
	Amount			Cost			Market			Carrying
	Long (Short)⁽¹⁾			Basis⁽²⁾			Value⁽³⁾			Value⁽⁴⁾
December 31, 2022
*30-Year TBA securities:*
2.0%	$	(175,000	)	$	(142,268	)	$	(143,145	)	$	(877	)
3.0%		(500,000	)		(440,644	)		(440,274	)		370
Total	$	(675,000	)	$	(582,912	)	$	(583,419	)	$	(507	)
December 31, 2021
*30-Year TBA securities:*
3.0%	$	(575,000	)	$	(595,630	)	$	(595,934	)	$	(304	)
Total	$	(575,000	)	$	(595,630	)	$	(595,934	)	$	(304	)

Derivative Instruments, Gain (Loss) [Table Text Block]

(in thousands)
	*2022*			*2021*			*2020*
U.S. Treasury Note futures contracts (short position)	$	207,511		$	(846	)	$	(4,707	)
Eurodollar futures contracts (short positions)		-			(10	)		(8,337	)
Interest rate swaps		170,297			23,613			(66,212	)
Payer swaptions (long positions)		152,365			(2,580	)		98
Payer swaptions (short positions)		(81,050	)		9,062			(3,070	)
Interest rate caps		919			-			-
Interest rate floors		-			2,765			-
TBA securities (short positions)		4,494			3,432			(6,719	)
TBA securities (long positions)		1,200			(8,559	)		9,950
U.S. Treasury securities (short positions)		-			-			(95	)
Total	$	455,736		$	26,877		$	(79,092	)

Note 5 - Pledged Assets (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

(in thousands)
	*December 31, 2022*						*December 31, 2021*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Counterparties	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT RMBS - fair value	$	3,492,544	$	-	$	3,492,544	$	6,294,102	$	-	$	6,294,102
Structured RMBS - fair value		20,096		-		20,096		212,270		-		212,270
U.S. Treasury Notes		-		36,382		36,382		-		29,740		29,740
Accrued interest on pledged securities		11,419		16		11,435		18,804		13		18,817
Restricted cash		13,341		18,227		31,568		57,264		8,035		65,299
Total	$	3,537,400	$	54,625	$	3,592,025	$	6,582,440	$	37,788	$	6,620,228

Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]

(in thousands)
	*December 31, 2022*						*December 31, 2021*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
Assets Pledged to Orchid	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
Cash	$	3,075	$	13,021	$	16,096	$	4,339	$	7,206	$	11,545
U.S. Treasury securities - fair value		197		-		197		-		-		-
Total	$	3,272	$	13,021	$	16,293	$	4,339	$	7,206	$	11,545

Note 6 - Offsetting Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Offsetting Assets [Table Text Block]

(in thousands)
*Offsetting of Assets*
					*Net Amount*		*Gross Amount Not*
	*Gross*		*Gross*		*of Assets*		*Offset in the Balance Sheet*
	*Amount*		*Amount*		*Presented*		*Financial*
	of		*Offset in the*		*in the*		*Instruments*		*Cash*
	*Recognized*		*Balance*		*Balance*		*Received as*		*Received as*			*Net*
	*Assets*		*Sheet*		*Sheet*		*Collateral*		*Collateral*			*Amount*
December 31, 2022
Interest rate swaps	$	4,983	$	-	$	4,983	$	-	$	-		$	4,983
Interest rate swaptions		33,398		-		33,398		-		(12,489	)		20,909
Interest rate caps		1,119		-		1,119		-		-			1,119
TBA securities		672		-		672		-		(532	)		140
	$	40,172	$	-	$	40,172	$	-	$	(13,021	)	$	27,151
December 31, 2021
Interest rate swaps	$	29,293	$	-	$	29,293	$	-	$	-		$	29,293
Interest rate swaptions		21,493		-		21,493		-		(6,350	)		15,143
TBA securities		-		-		-		-		-			-
	$	50,786	$	-	$	50,786	$	-	$	(6,350	)	$	44,436

Offsetting Liabilities [Table Text Block]

(in thousands)
*Offsetting of Liabilities*
					*Net Amount*		*Gross Amount Not*
	*Gross*		*Gross*		*of Liabilities*		*Offset in the Balance Sheet*
	*Amount*		*Amount*		*Presented*		*Financial*
	of		*Offset in the*		*in the*		*Instruments*
	*Recognized*		*Balance*		*Balance*		*Posted as*			*Cash Posted*			*Net*
	*Liabilities*		*Sheet*		*Sheet*		*Collateral*			*Collateral*			*Amount*
December 31, 2022
Repurchase Agreements	$	3,378,445	$	-	$	3,378,445	$	(3,365,104	)	$	(13,341	)	$	-
Interest rate swaps		-		-		-		-			-			-
Interest rate swaptions		5,982		-		5,982		-			-			5,982
TBA securities		1,179		-		1,179		-			(1,179	)		-
	$	3,385,606	$	-	$	3,385,606	$	(3,365,104	)	$	(14,520	)	$	5,982
December 31, 2021
Repurchase Agreements	$	6,244,106	$	-	$	6,244,106	$	(6,186,842	)	$	(57,264	)	$	-
Interest rate swaps		2,862		-		2,862		(2,862	)		-			-
Interest rate swaptions		4,423		-		4,423		-			-			4,423
TBA securities		304		-		304		-			-			304
	$	6,251,695	$	-	$	6,251,695	$	(6,189,704	)	$	(57,264	)	$	4,727

Note 7 - Capital Stock (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Common Stock Outstanding Roll Forward [Table Text Block]

($ in thousands, except per share amounts)
		*Weighted*
		*Average*
		*Price*
		*Received*				*Net*
Type of Offering	*Period*	*Per Share(1)*		*Shares*		*Proceeds(2)*
2022
At the Market Offering Program⁽³⁾	First Quarter	$	-		-	$	-
At the Market Offering Program⁽³⁾	Second Quarter		-		-		-
At the Market Offering Program⁽³⁾	Third Quarter		-		-		-
At the Market Offering Program⁽³⁾	Fourth Quarter		10.45		3,885,048		40,580
					3,885,048	$	40,580
2021
At the Market Offering Program⁽³⁾	First Quarter	$	25.50		61,610	$	1,572
Follow-on Offerings	First Quarter		26.55		3,588,000		95,336
At the Market Offering Program⁽³⁾	Second Quarter		27.00		4,617,418		124,746
At the Market Offering Program⁽³⁾	Third Quarter		24.70		7,163,668		177,007
At the Market Offering Program⁽³⁾	Fourth Quarter		24.34		4,734,940		115,398
					20,165,635	$	514,059

Dividends Declared [Table Text Block]

(in thousands, except per share amounts)
Year	*Per Share Amount*		*Total*
2013	$	6.975	$	4,662
2014		10.800		22,643
2015		9.600		38,748
2016		8.400		41,388
2017		8.400		70,717
2018		5.350		55,814
2019		4.800		54,421
2020		3.950		53,570
2021		3.900		97,601
2022		2.475		87,906
2023 YTD⁽¹⁾		0.320		12,540
Totals	$	64.970	$	540,010

Note 8 - Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

($ in thousands, except per share data)
	*2022*					*2021*
				*Weighted*					*Weighted*
				*Average*					*Average*
				*Grant Date*					*Grant Date*
	*Shares*			*Fair Value*		*Shares*			*Fair Value*
Unvested, beginning of period		26,645		$	29.40		911		$	37.25
Granted		35,114			16.55		27,579			29.40
Forfeited		(14,980	)		21.04		(934	)		29.40
Vested and issued		(9,859	)		29.40		(911	)		37.25
Unvested, end of period		36,920		$	20.57		26,645		$	29.40

Compensation expense during period				$	376				$	321
Unrecognized compensation expense, end of period				$	357				$	467
Intrinsic value, end of period				$	388				$	599
Weighted-average remaining vesting term (in years)					1.2					1.4

Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]

($ in thousands, except per share data)
	*2022*		*2021*
Fully vested shares granted		35,114		27,579
Weighted average grant date price per share	$	16.55	$	29.40
Compensation expense related to fully vested shares of common stock awards⁽¹⁾	$	581	$	811

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

($ in thousands, except per share data)
	*2022*				*2021*
			*Weighted*				*Weighted*
			*Average*				*Average*
			*Grant Date*				*Grant Date*
	*Shares*		*Fair Value*		*Shares*		*Fair Value*
Outstanding, beginning of period		28,595	$	26.92		18,189	$	27.20
Granted and vested		25,602		12.89		10,406		26.43
Outstanding, end of period		54,197	$	20.29		28,595	$	26.92

Compensation expense during period			$	328			$	240
Intrinsic value, end of period			$	569			$	643

Note 11 - Earnings Per Share (EPS) (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(in thousands, except per-share information)
	*2022*			*2021*			*2020*
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net (loss) income - Basic and diluted	$	(258,453	)	$	(64,760	)	$	2,128
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		36,765			35,399			15,215
Unvested dividend eligible share based compensation outstanding at the balance sheet date		-			-			19
Effect of weighting		700			(11,170	)		(1,792	)
Weighted average shares-basic and diluted		37,465			24,229			13,442
Net (loss) income per common share:
Basic and diluted	$	(6.90	)	$	(2.67	)	$	0.16
Anti-dilutive incentive shares not included in calculation.		91			55			-

Note 12 - Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

(in thousands)
	*Quoted Prices*
	*in Active*		*Significant*
	*Markets for*		*Other*			*Significant*
	*Identical*		*Observable*			*Unobservable*
	*Assets*		*Inputs*			*Inputs*
	*(Level 1)*		*(Level 2)*			*(Level 3)*
December 31, 2022
Mortgage-backed securities	$	-	$	3,540,002		$	-
U.S. Treasury Notes		36,382		-			-
Interest rate swaps		-		4,983			-
Interest rate swaptions		-		27,416			-
Interest rate caps		-		1,119			-
TBA securities		-		(507	)		-
December 31, 2021
Mortgage-backed securities	$	-	$	6,511,095		$	-
U.S. Treasury Notes		36,382		-			-
Interest rate swaps		-		26,431			-
Interest rate swaptions		-		17,070			-
TBA securities		-		(304	)		-

Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands							2 Months Ended	4 Months Ended	6 Months Ended	10 Months Ended	12 Months Ended			14 Months Ended
	Mar. 05, 2021	Mar. 03, 2021	Mar. 02, 2021	Jan. 25, 2021	Jan. 21, 2021	Jan. 20, 2021	Feb. 24, 2023	Oct. 28, 2021	Aug. 01, 2020	Jun. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Aug. 30, 2022
Stock Issued During Period, Shares, New Issues (in shares)											3,885,048,000	20,165,635,000
Stock Issued During Period, Value, New Issues											$ 40,580	$ 514,059	$ 71,050
Proceeds from Issuance of Common Stock											$ 40,580	$ 514,059	$ 71,050
Common Stock, Par or Stated Value Per Share (in dollars per share)											$ 0.01	$ 0.01		$ 0.01	$ 0.01
January 2020 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)									200,000,000
Stock Issued During Period, Shares, New Issues (in shares)									634,145
Stock Issued During Period, Value, New Issues									$ 19,800
Proceeds from Issuance of Common Stock									$ 19,400
August 2020 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)										150,000,000
Stock Issued During Period, Shares, New Issues (in shares)										5,498,730
Stock Issued During Period, Value, New Issues										$ 150,000
Proceeds from Issuance of Common Stock										$ 147,400
January 2021 Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)				1,748,000	228,000	1,520,000
Proceeds from Issuance of Common Stock				$ 45,200
Shares Issued, Price Per Share (in dollars per share)						$ 26.00
March 2021 Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	1,840,000	240,000	1,600,000
Proceeds from Issuance of Common Stock	$ 50,000
Shares Issued, Price Per Share (in dollars per share)			$ 27.25
June 2021 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)								250,000,000
Stock Issued During Period, Shares, New Issues (in shares)								9,881,467
Stock Issued During Period, Value, New Issues								$ 250,000
Proceeds from Issuance of Common Stock								$ 246,000
October 2021 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)														250,000,000
Stock Issued During Period, Shares, New Issues (in shares)														7,052,188
Stock Issued During Period, Value, New Issues														$ 119,600
Proceeds from Issuance of Common Stock														$ 117,600
October 2021 Equity Distribution Agreement [Member] \| Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)							2,690,000
Stock Issued During Period, Value, New Issues							$ 32,200
Proceeds from Issuance of Common Stock							$ 31,700

Note 1 - Organization and Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 205,651	$ 385,143
Restricted cash	31,568	65,299
Total cash, cash equivalents and restricted cash	$ 237,219	$ 450,442

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 36,382	$ 37,175

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes - Schedule of RMBS Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	$ 3,540,002	$ 6,511,095
Pass Through Certificate [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	3,519,906	6,298,189
Pass Through Certificate [Member] \| Fixed Rate Mortgages [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	3,519,906	6,298,189
Structured Finance [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	20,096	212,906
Structured Finance [Member] \| Interest Only Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	19,669	210,382
Structured Finance [Member] \| Inverse Interest Only Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $6,506,372 and $3,719,906, respectively)	$ 427	$ 2,524

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes - Gain (Loss) on Investments (Details) - Collateralized Mortgage-Backed Securities [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Proceeds from sales of RMBS	$ 2,759,919	$ 2,851,708	$ 4,200,536
Carrying value of RMBS sold	(2,893,614)	(2,857,250)	(4,225,522)
Realized losses on mortgage-backed securities	(133,695)	(5,542)	(24,986)
Gross gain on sales of RMBS	2,705	7,930	8,678
Gross loss on sales of RMBS	$ (136,400)	$ (13,472)	$ (33,664)

Note 3 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities Sold under Agreements to Repurchase, Total	$ 3,378,445	$ 6,244,106
Restricted Cash and Cash Equivalents, Current, Total	31,568	65,299
Repurchase Agreement Counterparty, Amount at Risk	149,800
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current, Total	31,568	65,299
Asset Pledged as Collateral [Member] \| Repurchase Agreements [Member]
Restricted Cash and Cash Equivalents, Current, Total	13,341	$ 57,264
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Securities Sold under Agreements to Repurchase, Total	$ 190,300

Note 3 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair market value of securities pledged, including accrued interest receivable	$ 3,524,059	$ 6,525,175
Repurchase agreement liabilities associated with these securities	$ 3,378,445	$ 6,244,106
Net weighted average borrowing rate	4.44%	0.15%
Maturity Overnight [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these securities	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Maturity 2 to 30 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 2,496,769	$ 4,624,396
Repurchase agreement liabilities associated with these securities	$ 2,404,329	$ 4,403,182
Net weighted average borrowing rate	4.43%	0.15%
Maturity 30 to 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 884,632	$ 1,848,080
Repurchase agreement liabilities associated with these securities	$ 837,299	$ 1,789,327
Net weighted average borrowing rate	4.51%	0.13%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 142,658	$ 52,699
Repurchase agreement liabilities associated with these securities	$ 136,817	$ 51,597
Net weighted average borrowing rate	4.15%	0.15%

Note 4 - Derivative and Other Hedging Instruments (Details Textual) - Short [Member] $ in Millions	Dec. 31, 2022 USD ($) $ / item	Dec. 31, 2021 USD ($) $ / item
Five Year Treasury Note Futures [Member]
Derivative, Forward Price (in USD per Per Share) \| $ / item	107.93	120.98
Derivative, Fair Value, Net, Total \| $	$ 810.0	$ 446.4
Ten Year Ultra Future [Member]
Derivative, Forward Price (in USD per Per Share) \| $ / item	118.28	146.44
Derivative, Fair Value, Net, Total \| $	$ 206.4	$ 322.2

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents, Current, Total	$ 31,568	$ 65,299
Other liabilities	(25,119)	(35,505)
Interest Rate Swap [Member]
Notional Amount	1,400,000	1,355,000
Payer Swaptions [Member] \| Long [Member]
Notional Amount	1,370,000	1,658,500
Net Estimated Fair Value	33,398	21,493
Interest Rate Cap [Member]
Notional Amount	200,000
Cost	$ 1,450
Strike Swap Rate	0.09%
Curve Spread (Year)	2 years 9 months 29 days
Net Estimated Fair Value	$ 1,119
TBA Contracts [Member] \| Short [Member]
Notional Amount	675,000	575,000
Cost	(582,912)	(595,630)
Net Estimated Fair Value	507	304
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	40,172	50,786
Derivative liabilities, at fair value	7,161	7,589
Restricted Cash and Cash Equivalents, Current, Total	5,206	829
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Interest Rate Swap [Member]
Derivative assets, at fair value	4,983	29,293
Derivative liabilities, at fair value	0	2,862
Other liabilities	0	0
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Payer Swaptions [Member] \| Long [Member]
Derivative assets, at fair value	33,398	21,493
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Payer Swaptions [Member] \| Short [Member]
Derivative liabilities, at fair value	5,982	4,423
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Interest Rate Cap [Member]
Derivative assets, at fair value	1,119	0
Not Designated as Hedging Instrument, Economic Hedge [Member] \| TBA Contracts [Member]
Derivative assets, at fair value	672	0
Derivative liabilities, at fair value	1,179	304
Restricted Cash and Cash Equivalents, Current, Total	1,734	0
Other liabilities	(532)	(856)
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current, Total	16,493	8,035
Not Designated as Hedging Instrument, Economic Hedge [Member] \| Interest Rate Swaption [Member]
Other liabilities	$ (12,489)	$ (6,350)

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Five Year Treasury Note Futures [Member]

Average contract notional amount

$ 750,500

$ 369,000

Weighted average entry rate

4.20%

1.56%

Average receive rate

4.22%

1.62%

Open Equity

$ (100)

$ 1,013

Ten Year Ultra Future [Member]

Average contract notional amount

$ 174,500

$ 220,000

Weighted average entry rate

^[1]

3.66%

1.22%

Average receive rate

3.79%

1.09%

Open Equity

^[2]

$ 965

$ (3,861)

[1]

5-Year T-Note futures contracts were valued at a price of $120.98 at December 31, 2022 and $126.16 at December 31, 2021. The contract values of the short positions were $446.4 million and $87.1 million at December 31, 2022 and December 31, 2021, respectively. 10-Year Ultra futures contracts were valued at price of $146.44 at December 31, 2022. The contract value of the short position was $322.2 million at December 31, 2022.

[2]

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

Note 4 - Derivatives and Other Hedging Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Notional Amount	$ 1,400	$ 1,355
Average fixed pay rate	1.39%	0.79%
Average receive rate	4.41%	0.18%
Average maturity (Year)	5 years 7 months 6 days	5 years
Three to Five Years [Member]
Notional Amount	$ 500	$ 400
Average fixed pay rate	0.84%	1.16%
Average receive rate	4.75%	0.21%
Average maturity (Year)	3 years 8 months 12 days	7 years 3 months 18 days
More Than Five Years [Member]
Notional Amount	$ 900
Average fixed pay rate	1.70%
Average receive rate	4.23%
Average maturity (Year)	6 years 7 months 6 days
One To Three Years [Member]
Notional Amount		$ 955
Average fixed pay rate		0.64%
Average receive rate		0.16%
Average maturity (Year)		4 years

Note 4 - Derivative and Other Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - Payer Swaptions [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long [Member]
Cost	$ 47,706	$ 36,690
Net Estimated Fair Value	$ 33,398	$ 21,493
Weighted average months to expiration (Year)	29 years 9 months 18 days	14 years 8 months 12 days
Notional amount	$ (1,370,000)	$ (1,658,500)
Average fixed pay rate	3.91%	2.27%
Average adjustable rate (Year)	3 months	3 months
Weighted average term (Year)	10 years	11 years 10 months 24 days
Notional Amount	$ 1,370,000	$ 1,658,500
Long [Member] \| Less than or Equal to One Year [Member]
Cost	36,685	4,000
Net Estimated Fair Value	$ 21,253	$ 1,575
Weighted average months to expiration (Year)	9 years 7 months 6 days	3 years 2 months 12 days
Notional amount	$ (1,250,000)	$ (400,000)
Average fixed pay rate	4.09%	1.66%
Average adjustable rate (Year)		3 months
Weighted average term (Year)	10 years	5 years
Notional Amount	$ 1,250,000	$ 400,000
Long [Member] \| More Than Ten Years [Member]
Cost	11,021
Net Estimated Fair Value	$ 12,145
Weighted average months to expiration (Year)	239 years 6 months
Notional amount	$ (120,000)
Average fixed pay rate	2.05%
Average adjustable rate (Year)	3 months
Weighted average term (Year)	10 years
Notional Amount	$ 120,000
Long [Member] \| One to Two Years [Member]
Cost		32,690
Net Estimated Fair Value		$ 19,918
Weighted average months to expiration (Year)		18 years 4 months 24 days
Notional amount		$ (1,258,500)
Average fixed pay rate		2.46%
Average adjustable rate (Year)		3 months
Weighted average term (Year)		14 years 1 month 6 days
Notional Amount		$ 1,258,500
Short [Member] \| Less than or Equal to One Year [Member]
Cost	(17,800)	(16,185)
Net Estimated Fair Value	$ (5,982)	$ (4,423)
Weighted average months to expiration (Year)	3 years 7 months 6 days	5 years 3 months 18 days
Notional amount	$ (917,000)	$ (1,331,500)
Average fixed pay rate	4.09%	2.29%
Average adjustable rate (Year)	3 months	3 months
Weighted average term (Year)	10 years	11 years 4 months 24 days
Notional Amount	$ 917,000	$ 1,331,500

Note 4 - Derivative and Other Hedging Instruments - Schedule of To Be Announced Securities (Details) - Short [Member] - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Two Percent TBA Contract [Member]

$ (175,000)

(142,268)

(143,145)

^[1]

(877)

Cost

(142,268)

Three Percent TBA Securities [Member]

(143,145)

Notional amount

(500,000)

^[2]

$ (575,000)

Cost basis

(440,644)

^[3]

(595,630)

(440,274)

^[4]

(595,934)

Net carrying value

370

(304)

Cost

(440,644)

^[3]

(595,630)

(440,274)

^[4]

(595,934)

TBA Contracts [Member]

Notional amount

(675,000)

(575,000)

Cost basis

(582,912)

(595,630)

(583,419)

(595,934)

Net carrying value

(507)

(304)

Cost

(582,912)

(595,630)

Common Stock, Par or Stated Value Per Share (in dollars per share)

$ (583,419)

$ (595,934)

[1]	Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in our balance sheets
[2]	Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.
[3]	Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.
[4]	Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gains (losses) on derivative instruments	$ 455,736	$ 26,877	$ (79,092)
Five Year Treasury Note Futures [Member] \| Short [Member]
Gains (losses) on derivative instruments	207,511	(846)	(4,707)
Eurodollar Future Margin [Member] \| Short [Member]
Gains (losses) on derivative instruments	0	(10)	(8,337)
Interest Rate Swap [Member]
Gains (losses) on derivative instruments	170,297	23,613	(66,212)
Payer Swaptions [Member] \| Short [Member]
Gains (losses) on derivative instruments	(81,050)	9,062	(3,070)
Payer Swaptions [Member] \| Long [Member]
Gains (losses) on derivative instruments	152,365	(2,580)	98
Interest Rate Cap [Member]
Gains (losses) on derivative instruments	919	0	0
Interest Rate Floor [Member]
Gains (losses) on derivative instruments	0	2,765	0
TBA Contracts [Member] \| Short [Member]
Gains (losses) on derivative instruments	4,494	3,432	(6,719)
TBA Contracts [Member] \| Long [Member]
Gains (losses) on derivative instruments	1,200	(8,559)	9,950
US Treasury Securities [Member] \| Short [Member]
Gains (losses) on derivative instruments	$ 0	$ 0	$ (95)

Note 5 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued interest receivable	$ 11,519	$ 18,859
Restricted cash	31,568	65,299
Asset Pledged as Collateral [Member]
Accrued interest receivable	11,435	18,817
Restricted cash	31,568	65,299
Total	3,592,025	6,620,228
Asset Pledged as Collateral [Member] \| Residential Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member]
Investment at fair value	3,492,544	6,294,102
Asset Pledged as Collateral [Member] \| Residential Mortgage-Backed Securities [Member] \| Structured Finance [Member]
Investment at fair value	20,096	212,270
Asset Pledged as Collateral [Member] \| US Treasury Securities [Member]
Investment at fair value	36,382	29,740
Asset Pledged as Collateral [Member] \| Repurchase Agreements [Member]
Accrued interest receivable	11,419	18,804
Restricted cash	13,341	57,264
Total	3,537,400	6,582,440
Asset Pledged as Collateral [Member] \| Repurchase Agreements [Member] \| Residential Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member]
Investment at fair value	3,492,544	6,294,102
Asset Pledged as Collateral [Member] \| Repurchase Agreements [Member] \| Residential Mortgage-Backed Securities [Member] \| Structured Finance [Member]
Investment at fair value	20,096	212,270
Asset Pledged as Collateral [Member] \| Repurchase Agreements [Member] \| US Treasury Securities [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] \| Derivative [Member]
Accrued interest receivable	16	13
Restricted cash	18,227	8,035
Total	54,625	37,788
Asset Pledged as Collateral [Member] \| Derivative [Member] \| Residential Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] \| Derivative [Member] \| Residential Mortgage-Backed Securities [Member] \| Structured Finance [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] \| Derivative [Member] \| US Treasury Securities [Member]
Investment at fair value	$ 36,382	$ 29,740

Note 5 - Pledged Assets - Schedule of Financial Instruments Pledged as Collateral From Counterparties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash	$ 16,293	$ 11,545
Repurchase Agreements [Member]
Cash	3,272	4,339
Derivative [Member]
Cash	13,021	7,206
Cash [Member]
Cash	16,096	11,545
Cash [Member] \| Repurchase Agreements [Member]
Cash	3,075	4,339
Cash [Member] \| Derivative [Member]
Cash	13,021	7,206
US Treasury Securities [Member]
Cash	197	0
US Treasury Securities [Member] \| Repurchase Agreements [Member]
Cash	197	0
US Treasury Securities [Member] \| Derivative [Member]
Cash	$ 0	$ 0

Note 6 - Offsetting Assets and Liabilities - Offsetting Assets (Details) - Assets [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross amount recognized	$ 40,172	$ 50,786
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	40,172	50,786
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	(13,021)	(6,350)
Net amount	27,151	44,436
Interest Rate Swap [Member]
Gross amount recognized	4,983	29,293
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	4,983	29,293
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	0	0
Net amount	4,983	29,293
Payer Swaptions [Member]
Gross amount recognized	33,398	21,493
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	33,398	21,493
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	(12,489)	(6,350)
Net amount	20,909	15,143
Interest Rate Cap [Member]
Gross amount recognized	1,119
Gross amount offset in the balance sheet	0
Net amount presented in the balance sheet	1,119
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0
Gross amount not offset in the balance sheet, cash posted as collateral	0
Net amount	1,119
TBA Contracts [Member]
Gross amount recognized	672	0
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	672	0
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	(532)	0
Net amount	$ 140	$ 0

Note 6 - Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - Liability [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross amount recognized	$ 3,385,606	$ 6,251,695
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	3,385,606	6,251,695
Gross amount not offset in the balance sheet, financial instruments posted as collateral	(3,365,104)	(6,189,704)
Gross amount not offset in the balance sheet, cash posted as collateral	(14,520)	(57,264)
Net amount	5,982	4,727
Repurchase Agreements [Member]
Gross amount recognized	3,378,445	6,244,106
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	3,378,445	6,244,106
Gross amount not offset in the balance sheet, financial instruments posted as collateral	(3,365,104)	(6,186,842)
Gross amount not offset in the balance sheet, cash posted as collateral	(13,341)	(57,264)
Net amount	0	0
Interest Rate Swap [Member]
Gross amount recognized	0	2,862
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	0	2,862
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	(2,862)
Gross amount not offset in the balance sheet, cash posted as collateral	0	0
Net amount	0	0
Payer Swaptions [Member]
Gross amount recognized	5,982	4,423
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	5,982	4,423
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	0	0
Net amount	5,982	4,423
TBA Contracts [Member]
Gross amount recognized	1,179	304
Gross amount offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,179	304
Gross amount not offset in the balance sheet, financial instruments posted as collateral	0	0
Gross amount not offset in the balance sheet, cash posted as collateral	(1,179)	0
Net amount	$ 0	$ 304

Note 7 - Capital Stock (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

12 Months Ended

89 Months Ended

110 Months Ended

Feb. 15, 2023

Jan. 11, 2023

Feb. 24, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2022

Feb. 24, 2023

Oct. 12, 2022

Aug. 30, 2022

Dec. 09, 2021

Feb. 08, 2018

Feb. 01, 2018

Jul. 29, 2015

$ 0.01

Stock Repurchased and Retired During Period, Value

$ 24,610

$ 68

Common Stock, Dividends, Per Share, Declared (in dollars per share)

$ 2.475

$ 3.900

$ 3.950

$ 4.800

$ 5.350

$ 8.400

$ 9.600

$ 10.800

$ 6.975

$ 64.970

Subsequent Event [Member]

Common Stock, Dividends, Per Share, Declared (in dollars per share)

$ 0.16

$ 0.320

^[1]

Share Repurchase Program [Member]

Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)

400,000

Stock Repurchase Program, Additional Shares Authorized (in shares)

4,300,000

3,372,399

904,564

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)

6,183,601

3,539,861

1,061,316

156,751

Stock Repurchased and Retired During Period, Shares (in shares)

2,538,470

3,675,572

Stock Repurchased and Retired During Period, Value

$ 24,500

$ 64,800

Treasury Stock Acquired, Average Cost Per Share (in dollars per share)

$ 9.63

$ 17.63

Share Repurchase Program [Member] | Subsequent Event [Member]

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)

4,928,350

Stock Repurchased and Retired During Period, Shares (in shares)

373,041

Stock Repurchased and Retired During Period, Value

$ 4,000

Treasury Stock Acquired, Average Cost Per Share (in dollars per share)

$ 10.62

[1]

On January 11, 2023, the Company declared a dividend of $0.16 per share that was paid on February 24, 2023. On February 15, 2023, the Company declared a dividend of $0.16 per share to be paid on March 29, 2023. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2022.

Note 7 - Capital Stock - Issuance of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Issuance of common stock pursuant to public offerings, net (in shares)									3,885,048	20,165,635
Issuance of common stock pursuant to public offerings, net									$ 40,580	$ 514,059	$ 71,050
At the Market Offering Program [Member]
Price per share (in dollars per share)	$ 10.45	$ 0	$ 0	$ 0	$ 24.34	$ 24.70	$ 27.00	$ 25.50	$ 10.45	$ 24.34
Issuance of common stock pursuant to public offerings, net (in shares)	3,885,048	0	0	0	4,734,940	7,163,668	4,617,418	61,610
Issuance of common stock pursuant to public offerings, net	$ 40,580	$ 0	$ 0	$ 0	$ 115,398	$ 177,007	$ 124,746	$ 1,572
Follow-on Offerings [Member]
Price per share (in dollars per share)				$ 26.55
Issuance of common stock pursuant to public offerings, net (in shares)				3,588,000
Issuance of common stock pursuant to public offerings, net				$ 95,336

Note 7 - Capital Stock - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

12 Months Ended

110 Months Ended

Feb. 15, 2023

Jan. 11, 2023

Feb. 24, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Feb. 24, 2023

Per share amount (in dollars per share)

$ 2.475

$ 3.900

$ 3.950

$ 4.800

$ 5.350

$ 8.400

$ 9.600

$ 10.800

$ 6.975

$ 64.970

Dividends

$ 87,906

$ 97,601

$ 53,570

$ 54,421

$ 55,814

$ 70,717

$ 41,388

$ 38,748

$ 22,643

$ 4,662

$ 540,010

Subsequent Event [Member]

Per share amount (in dollars per share)

$ 0.16

$ 0.320

^[1]

Dividends

^[1]

$ 12,540

[1]

Note 8 - Stock Incentive Plan (Details Textual) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Stock Awards [Member]

Share-Based Payment Arrangement, Expense

^[1]

$ 581,000

$ 811,000

Stock Awards [Member] | Awards granted in 2022 [Member]

Share-Based Payment Arrangement, Expense

$ 600,000

Minimum [Member]

Decline of Book Value Per Share

15.00%

10.00%

The 2021 Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum

10.00%

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)

1,473,324

[1]	The awards issued during the year ended December 31, 2022 were granted with respect to service performed in 2021. Approximately $600,000 of compensation expense related to the 2022 awards was accrued and recognized in 2021.

Note 8 - Stock Incentive Plan - Schedule of Nonvested Performance Based Units Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock based compensation	$ 685	$ 772	$ 244
Performance Shares [Member]
Unvested, shares (in shares)	26,645	911
Unvested, grant date fair value (in dollars per share)	$ 29.40	$ 37.25
Fully vested shares granted (in shares)	35,114	27,579
Weighted average grant date price per share (in dollars per share)	$ 16.55	$ 29.40
Forfeited, shares (in shares)	(14,980)	(934)
Forfeited, grant date fair value (in dollars per share)	$ 21.04	$ 29.40
Vested and issued, shares (in shares)	(9,859)	(911)
Vested and issued, grant date fair value (in dollars per share)	$ 29.40	$ 37.25
Unvested, shares (in shares)	36,920	26,645	911
Unvested, grant date fair value (in dollars per share)	$ 20.57	$ 29.40	$ 37.25
Stock based compensation	$ 376	$ 321
Unrecognized compensation expense, end of period	357	467
Intrinsic value, end of period	$ 388	$ 599
Weighted-average remaining vesting term (in years) (Year)	1 year 2 months 12 days	1 year 4 months 24 days

Note 8 - Stock Incentive Plan - Schedule of Stock Awards (Details) - Stock Awards [Member] - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Fully vested shares granted (in shares)

35,114

27,579

Weighted average grant date price per share (in dollars per share)

$ 16.55

$ 29.40

Compensation expense related to fully vested shares of common stock awards(1)

^[1]

$ 581

$ 811

[1]	The awards issued during the year ended December 31, 2022 were granted with respect to service performed in 2021. Approximately $600,000 of compensation expense related to the 2022 awards was accrued and recognized in 2021.

Note 8 - Stock Incentive Plan - Share Based Compensation Arrangements by Share Based Payment Award (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock based compensation	$ 685	$ 772	$ 244
Deferred Stock Units [Member]
Outstanding, shares (in shares)	28,595	18,189
Outstanding, grant date fair value (in dollars per share)	$ 26.92	$ 27.20
Granted and vested, shares (in shares)	25,602	10,406
Granted and vested, grant date fair value (in dollars per share)	$ 12.89	$ 26.43
Outstanding, shares (in shares)	54,197	28,595	18,189
Outstanding, grant date fair value (in dollars per share)	$ 20.29	$ 26.92	$ 27.20
Stock based compensation	$ 328	$ 240
Intrinsic value, end of period	$ 569	$ 643

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 11 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net (loss) income - Basic and diluted	$ (258,453)	$ (64,760)	$ 2,128
Shares of common stock outstanding at the balance sheet date (in shares)	36,765,000	35,399,000	15,215,000
Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)	0	0	19,000
Effect of weighting (in shares)	700,000	(11,170,000)	(1,792,000)
Weighted Average Shares Outstanding (in shares)	37,464,671	24,228,865	13,442,163
Basic and diluted net (loss) income per share (in dollars per share)	$ (6.90)	$ (2.67)	$ 0.16
Anti-dilutive incentive shares not included in calculation. (in shares)	91,000	55,000	0

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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